|
11/12/19
|
In an institutional-quality, SoCal office buy, Swift Real Estate Partners purchased The Pasadena Collection, consisting of a 146.3k sf building located at 790 East Colorado, a 211.8k sf building at 155 North Lake, and a 158.8k sf building at 35 North Lake. The assets, totaling 516.9k sf of space, were sold by a global investment manager in a $193 mil transaction.
The purchase was financed with $160 mil in acquisition money arranged by JLL. The three-year, floating-rate acquisition loan was funded through Nuveen Real Estate.
At 68% occupancy, the portfolio provides Swift Real Estate Partners the opportunity to enhance each building’s image and reputation in the market through a significant capital improvement program in order to provide a best in class work environment to its tenants and appeal to new tenants coming into the dynamic Pasadena market. This is the first transaction to be completed on behalf of Swift’s recently raised $500 mil Fund III, which is focused on value-add investments in Northern California, Southern California and the Pacific Northwest. The recently raised fund has $1.35 bil of buying power.
The portfolio is clustered in one of the most amenity-rich and walkable locations in the Tri-Cities market. Situated along the convergence of Pasadena’s two retail corridors, Lake Ave and Colorado Blvd, the portfolio features a Walk Score® of 90 with numerous eateries, bars, boutiques, retail stores and entertainment/fitness offerings within minutes of the properties.
Additionally, The Pasadena Collection is within close proximity to the world-renowned California Institute of Technology (Caltech), Art Center College of Design and Jet Propulsion Laboratory (JPL), which is a federally funded NASA R&D site operated and managed by Caltech. These institutions are driving a tech, life science and startup revolution entirely driven by sciences and technology patents that are created and controlled by Caltech and JPL.
JLL’s Michael Leggett, Andrew Harper and Matt McRoskey represented the seller in the deal. Paul Brindley, Todd Sugimoto, Jeff Sause and Steven Paskover, also with JLL, arranged the financing.
|
|
Return to the Archive page
|
|
|
|
|